Amid looming recession concerns, many employees are feeling the financial pinch and looking at their compensation with a more scrutinizing eye. Employers should consider a compensation study to ensure they are paying their employees fairly with the market standard. Employees who feel they are paid fairly are likely to have higher job satisfaction than those who do not, lowering costly turnover rates.
Compensation studies, or salary studies, can ascertain that your company has a clear and logical pay structure that is competitive with your respective industry. Bukaty Companies HR Consultants can conduct survey studies, present results and suggest solutions like developing pay grades to avoid discrimination. Some positions may see pay increases above the inflation rate due to increased market competitiveness, while others may see more modest or strictly merit-based increases.
While compensation is an important consideration for employees who are assessing their job satisfaction, supplemental benefits can help fill the gap when increasing monetary compensation is not an option. A strategic benefit planning process maximizes your investment, allowing you to offer a robust and attractive employee benefit package.
To learn more about our compensation studies or strategic benefit planning approach, reach out today.
